MassHousing Closes on Financing for Fall River Affordable Property

MassHousing has closed on $4.9 million in financing for the acquisition and extension of affordability for 28 years for senior citizens and disabled residents living at the 30-unit St. Mathieu’s Apartments in Fall River. St Mathieus Preservation LLC, a joint venture between Aedera Companies and SHIFT Capital, acquired the property with financing through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corporation.    

The 30 units at the four-story St. Mathieu’s Apartments are subsidized by a federal Section 8 Housing Assistance Payment Contract. As part of the transaction, the property owner executed a new 20-year HAP contract, which will include eight years remaining in the previous contract.

Originally built in 1930 as a school, the property was converted to rental housing in 1982. It has 28 one-bedroom apartments and two two-bedroom apartments along with a community room and computer room. The property also offers onsite resident services.

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